And this is just Phase One. More stores are set to open in the coming months, including Armani, Cole Haan, J. Crew, Kate Spade New York and Polo Ralph Lauren.

The Coach store is generating a lot of excitement among valley shoppers. "I'm here to make sure I get a real good buy at Coach," one woman told us.

"We have some very savvy and sophisticated shoppers who know exactly what they want," says Maura Eggan of Phoenix Premium Outlets. "They're brand conscious, they know quality and they know value."

The outlets provide the valley with more than additional shopping. They offer an economic boost as well. The mall already employed nearly 500 people during construction. Now the stores will provide jobs for 800 employees.

Developers say they hope the mall attracts both locals and out of town shoppers. So far it seems to be working.

"I came all the way from Oregon and bought a house down here," says shopper Nancy Cutworth. "I've got a thousand bucks to drop at the mall today!

The Grand Opening runs through Sunday, with special shopping hours of 9am to 9pm. Regular hours begin April 8 . Those hours are Monday through Saturday, 10am to 9pm, and Sunday 10am to 7pm.